By 11:45 a.m. ET, the July West Texas Intermediate contract gained 89 cents to reach $76.94 per barrel, while August ICE Brent rose 87 cents to $79.83. Refined products followed the upward trend, as July ULSD climbed 4.21 cents to $3.2123 per gallon and July RBOB added 1.59 cents to hit $2.8964.
In section Market Quotes
Crude Rebounds as Markets Gauge U.S.-Iran Peace Pact
A preliminary peace agreement between the U.S. and Iran halted a sharp market selloff Wednesday, pushing crude futures higher by midday. The potential for restored regional oil exports and the reopening of the Strait of Hormuz outweighed Tuesday’s five-percent plunge, though the timeline for recovery remains heavily contested.
Despite the immediate market relief, the International Energy Agency cautioned that a full restoration of Persian Gulf oil flows could span several months. Clearing mines from vital shipping lanes and normalizing supply chains present significant logistical hurdles. The agency projects global supply will decline by 3.9 million barrels per day this year, with OECD stockpiles hitting their lowest level since 1990 after a 163-million-barrel drawdown since the conflict began.
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